One of the Special Antitrust police unit belonging to the Italian City of Verona has finally arrested crypto scammers working on some of the social media pages and scam sites. The suspects were running a total of seven websites, and around 93 social media pages, had been spreading fake news.

Out of this, Scammers were promoting one of the projects on seized channels, as per Coindol.com. This project is non-other than a disreputable scam project known as OneCoin.  It stated that the scammers were pushing enthusiastic crypto investors to invest in it.

In three different provinces of Italy, mainly Trento, Padua and Viterbo, Police have detained five scammers who were working with two residents of Verona and Mantua to utilize the money for goods, utilities of illicit origin. However, five are yet to be charged; one Rome-based prosecutor charged six of promoting fraudulent projects using a Roman company.

All the six, based on the evidence of the prosecutor's office, they were utilizing social media to promote their schemes. It was being noted that they have also used word of mouth to attract and scam the unsuspecting. They have also snatched money from the innocent by selling financial training courses, including cryptocurrency for just €100. 

Brother of OneCoin Founder may face 20 years of Jail

Until now, only a few crypto scams are being removed from the crypto Industry neglecting the one infamous coin, OneCoin. It was started way back in 2014, earned its false owners along with Bulgarian CEO, Ruja Ignatowa, more than $4 million.

The main reason, OneCoin funds were wasted is how it was being packaged. In 2017, at the height of ICO freezy, the pyramid scheme resulted in destruction. The US Department of Justice also mentioned that the project ranked in over $2.5 billion in less than two years by stealing funds from the innocent crypto investors.

It took some time before it was affirmed that OneCoin was a Ponzi Scheme. After this, police in some of the countries such as Samoa and Singapore banned the project and sued all of those who were promoting it.

Authorities around the globe were looking for project's rank, even though the fight against crypto scams was increased. Before a month, the US Federal Bureau of Investigation (FBI) caught the brother of Konstantin Ignatov.

Ignatov is supposed to work on the project after his sister got disappeared in 2017. He showed up in the court where he denied a $20 million bond. If he is proven guilty, he may have to spend around 20 years in jail.